Air Products Adds North America Liquid CO2 Product Offering with EPCO
Acquisition
Purchase Places Company Amongst Leaders in North American Market
PR Newswire
LEHIGH VALLEY, Pa., June 3, 2013
LEHIGH VALLEY, Pa., June 3, 2013 /PRNewswire/ --Expanding its portfolio of
industrial gases offerings in North America, Air Products (NYSE: APD) today
announced it has acquired EPCO Carbon Dioxide Products, Inc., a privately-held
producer and marketer of liquid carbon dioxide (CO[2]) headquartered in
Monroe, Louisiana. The acquisition also includes Louisiana Leasing, Ltd. of
Illinois, an affiliated company that owns liquid CO[2] distribution assets
that are solely leased to EPCO, and immediately vaults Air Products to a
position amongst the leaders in the North American liquid CO[2 ]market. The
purchase price is not being disclosed.
"This acquisition is a good fit with our North American Merchant Gases set of
core competencies. It also gives us immediate scale in a market that will
allow us to capture additional sales of existing products by being able to
offer an expanded product portfolio to existing and new customer accounts,"
said Nelson Squires, vice president and general manager – North America
Merchant Gases at Air Products. "We are pleased to be acquiring a company that
demonstrated continued growth through the economic challenges of the past
several years. EPCO's geographic footprint overlaps nicely with our existing
infrastructure such that we expect both cost and revenue synergy benefits."
With this acquisition, Air Products adds liquid CO[2] to its North American
offerings through EPCO's 12 CO[2] purification and liquefaction plants located
predominantly in the central portion of the United States. Liquid CO[2], which
Air Products already offers in its other geographic regions around the world,
is an important product in markets Air Products currently serves with other
merchant industrial gases including the Food, Beverage, Chemical,
Pharmaceutical, Oil Field Services, and Metals Fabrication markets.
"Not only does this acquisition make Air Products a fully-integrated supplier
of bulk industrial process gases, but a combined offering of liquid nitrogen
and liquid CO[2] is expected to strengthen our sales of liquid nitrogen in
markets we already serve. Simply put, it increases our competitive offering
with customers who require a broader portfolio of gases," said Squires.
EPCO, established in 1987, had revenues of approximately $60 million in 2012
and was the largest North American independent liquid CO[2 ]company. With
approximately 170 employees, EPCO focused on the production and distribution
of liquid CO[2 ]for the Food and Beverage, Oil Field Services, and Chemicals
markets.
About Air Products
Air Products (NYSE:APD) provides atmospheric, process and specialty gases;
performance materials; equipment; and technology. For over 70 years, the
company has enabled customers to become more productive, energy efficient and
sustainable. More than 20,000 employees in over 50 countries supply innovative
solutions to the energy, environment and emerging markets. These include
semiconductor materials, refinery hydrogen, coal gasification, natural gas
liquefaction, and advanced coatings and adhesives. In fiscal 2012, Air
Products had sales approaching $10 billion. For more information, visit
www.airproducts.com.
NOTE: This release may contain forward-looking statements within the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's reasonable
expectations and assumptions as of the date of this release regarding
important risk factors. Actual performance and financial results may differ
materially from projections and estimates expressed in the forward-looking
statements because of many factors not anticipated by management, including
risk factors described in the Company's Form 10K for its fiscal year ended
September 30, 2012.
SOURCE Air Products
Website: http://www.airproducts.com
Contact: Media Inquiries: Art George, tel: (610) 481-1340; e-mail:
georgeaf@airproducts.com; Investor Inquiries: Simon Moore, tel: (610)
481-7461; e-mail: mooresr@airproducts.com